Gambling Panelist: California Could Profit From Sports Betting
SACRAMENTO, Calif. — An appointee of Gov. Jerry Brown to the California Gambling Control Commission says the state could reap hundreds of millions of dollars annually if betting on sports were legalized.
“There is the opportunity to raise money for the state,” Richard J. Schuetz told the Senate Rules Committee on Wednesday. “More importantly, it would remove a criminal element.”
Although legislation has been introduced creating a format for legalized sports betting in California, Schuetz noted that Congress would first have to change federal law to legalize that form of gambling in California.
A legislative analysis of the bill by Sen. Roderick Wright (D-Inglewood) said the state might bring in $16 million from a 7.5% tax on gross revenue from legal sports betting operations.
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